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Question

We have a property that's in forclosure, I am unable to work due to an illness and my husband is only working enough to keep our payments of living afloat. We called the bank and let them know that we are not in any condition to pay the mortage at this time, or anytime soon, so they stated that We would basically be allowed to walk away from the property. Can they go after us later for the amount owed----Is there not some relief we can apply for, how can we stop the forclosure, or is there nothing we can do to save this property..We basically have no income at this time to support the mortgage.

Submitted: 200 days and 18 hours ago.

Category: Real Estate Law

Value: $23

Status: CLOSED

orlando, Florida

Already Tried:
we have tried to make amends with getting a new job for my husband, but were living with relatives now, we are not able to pay the mortage at this time, so the mortage has been in default for a number of months,

I am ill at the moment.

We just want to be able to be free of debt if the house is to be forclosed can they come after us for the debt or is there another way to save all this hassle?

thanks

Posted by LawGirl 200 days and 18 hours ago.

Info Request

In order to provide you with the most thorough information, it would be helpful to know:
-What state you are in?
-How delinquent is the mortgage?

200 days and 18 hours ago.

Reply

Florida

In Jun 2008 we applied for hardship and we were told it would take the bank 5 months to decide whether or not to accept the hardship letter, we moved and lost contact with them, they sent us a letter in March stating that our house would be in active forclosure and they would be selling our place the end of May 2009.
on active auction.

Answer

Thank you for providing the clarification.

I am sorry to hear about your situation. It sounds scary and frustrating.

Unfortunately, the measures put in place by the government are designed to assist people who can afford to stay in their home. This means that banks and financial institutions are obligated to work with you and help you to the extent that it makes financial sense for them. This means that they can work with you to offer a reduced payment plan or forgive a certain number of missed payments; however in the event that you have no income coming in, they have the discretion to send you to foreclosure. In the event that you had income that could support making a reduced mortgage payment, then you may have more options.

Unfortunately, the state of Florida does allow deficiency judgments. In order to try to minimize your damages, you may contact your lender to see if they will work with you to auction the property and elect not to take a deficiency judgment against you if you work with them to turn over the keys to the property and render it in such a condition where the new owner can move in. Although the lender has no obligation to work with you at this point, they may be willing to try to work with you. Especially if you offer to make their lives easier, cooperating so they do not have to continue running into court. Ultimately, it may be too late, this offer is usually embraced before juridical proceedings being. However, it never hurts to check with your lender. Maybe they are using their discretion to offer some sort of relief that is tailored to your situation.

I am very sorry. I wish I had better news.

Please let me know if you have any other questions on this matter or require clarification. Otherwise, please hit "ACCEPT" so I may receive credit for my efforts.

Good Luck!

Accepts:
Expert:	LawGirl
Pos. Feedback:	100.0 %
Answered:	5/6/2009

Lawyer

I am familiar with this area of law.

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